The National Association of Realtors is reporting that existing home sales were down 2.4% in April to a seasonally-adjusted annual rate of 5.61 million (down 5.9% from one year ago). Total housing inventory at the end of April was 1,030,000 units, down 10.4% from one year ago. Unsold inventory sits at a 2.2-month supply at the current sales rate with properties remaining on the market for around 17 days. The median existing-home price for all housing types in April was $391k, which was up 14.8% from one year ago. The NAR says this marks 122 consecutive months of year-over-year increases, the longest-running streak on record.
“Housing supply has started to improve, albeit at an extremely sluggish pace.”
“Moreover, an increasing number of buyers with short tenure expectations could opt for 5-year adjustable-rate mortgages, thereby assuring fixed payments over five years because of the rate reset…The cash buyers, not impacted by mortgage rate changes, remain elevated.” Said Lawrence Yun, the NAR’s Chief Economist.
Click here to read the full report at the National Association of Realtors.